LIC IPO LIVE Updates: Issue garners 2.55 times bids so far; IPO to close today
LIC IPO Subscription Last Day LIVE Updates: Life Insurance Corporation’s IPO, the country’s biggest public offer, was subscribed 1.79 times on the penultimate day of the offer on Sunday. The issue opens for its last day of susbcription today. LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.
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Expert take on LIC IPO!
LIC IPO Great IPO for long term investors. Dividend’s are going to be amazing and the valuations are dirt cheap! #LIC
— Siddhartha Bhaiya (@sidd1307) 1652083599000
LIC IPO subscribed 2.55 times so far
Category wise subscription
LIC IPO Subscription Status LIVE: Issue subscribed 2.15x so far
LIC IPO LIVE Updates: QIB portion fully subscribed on last day
hares reserved for Qualified Institutional Buyers (QIB), including banks and mutual funds in the LIC’s public offer were subscribed fully on Monday morning, taking the overall subscription of the issue to a little over 2 times. Against 3,95,31,236 reserved, 4,61,62,185 bids were received, reflecting a subscription of 1.17 times, according to data posted on stock exchanges at 12:12 pm.
The 10 advisers managing the IPO will receive around 10 million rupees ($129,000) each for their role in the offering, a fraction of what they’d typically pocket for a deal of this size. Earnings are further trimmed because India’s government, which owns LIC, won’t compensate the banks for expenses such as printing forms for the issue.
Despite falling premium in the grey market, intense selloff in the global markets, rate hike concerns and inflationary worries, LIC is holding its charm. Majority of the market experts say that LIC is a long term play and investors should bid for the issue according to their funds and risk appetite. However, one should not bet on issues for listing gains only. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that listing gains are possible in LIC since valuation is attractive. Medium-term prospects also look good, he added.
LIC IPO LIVE Updates: Issue subscribed 2 times so far on last day
The IPO of Life Insurance Corporation of India was subscribed 2 times so far on Day 2 of the bidding process. It received bids for 32,49,54,825 shares against 16,20,78,067 shares on offer. Policyholder portion was subscribed the most at over 5x followed by employee portion that received nearly 4 times bids. Retail, NII and QIB quotas were oversubscribed 1 times.
Foreign institutional investors have on the whole steered clear of India’s biggest share sale, deeming it too expensive given currency risks and the global market backdrop. With just hours to go until the end of the subscription period for the $2.7 billion initial public offering of Life Insurance Corporation of India, foreign institutional funds have put in orders for merely 2% of the shares set aside for all institutional buyers. While the anchor portion of the IPO drew in sovereign funds from Norway and Singapore, most of the shares went to domestic mutual funds.
LIC IPO subscription status: Issue subscribed nearly 2 times
Category wise subscription
- QIB: 1.07x
- NII: 1.25x
- Retail: 1.61x
- Employee: 3.82x
- Policyholder: 5.10x
FYI: LIC IPO closes today; your last chance to subscribe for India’s biggest issue
The initial public offering (IPO) of the Life Insurance Corporation of India has created another record, with the number of applications for the stock of the country’s insurance behemoth crossing 5.9 million on Sunday. The previous record for India’s capital markets was the 2008 IPO of Anil Ambani’s Reliance Power listing that saw 4.8 million applications.
LIC IPO’s NII portion fully subscribed on Day 4
Shares reserved for non-institutional investors, including high networth individuals, in the LIC’s public offer were subscribed fully on the fourth day on Saturday, taking the overall subscription of the issue to 1.66 times. A total of 3,21,59,055 bids were received for 2,96,48,427 shares reserved for NIIs, reflecting a subscription of 1.08 times, according to the data posted on stock exchanges at 7 pm.
LIC IPO LIVE Updates: LIC IPO subscribed 1.79 times on Day 5
Life Insurance Corporation’s IPO, the country’s biggest public offer, was subscribed 1.79 times on the penultimate day of the offer on Sunday. Against 16,20,78,067 shares on offer, 29,08,27,860 bids were received, according to the data posted on stock exchanges at 7 pm.